If you are currently in need of a loan, we have the educated staff you need to see you through the loan process! If we can’t get you a loan, No one can! Fill out an application online today and put yourself one step closer to owning a home!

We have a set taping date of Thursday, September 13th at 11am at our Santa Ana Office. Please confirm that you can make it. Or you can choose to send us a 20 seconds home made video testimonial of Platinum Mortgage Company, more importantly, about Andrew and Anna, owners of PMC, and their service to every client!

Thank you for your help! You and your family can be on the taping if you choose to enjoy your few seconds of fame on TV 🙂

Borrower just refinanced her primary residence rate and term, as owner occupied last month. She’s looking to enter into contract for a purchasees a bigger home -150k more valuable than the one she currently lives in. This new home will be about 3 miles from her current job compaired to 10 miles from whe she currently resides..

The property will be in Irvine, which means great schools for her kids of 2,4,6, and 8 years old.

She will be occupying the property as her primary residence and would like to get owner occupied rates.

DTI is fine with both mortgages.

Property Value: 605,000

Loan Amount: 484,000 (80% LTV)

FICO: 800

Loan Terms: 30yr

Type of property: Condo

Type of occupancy: Owner

Purpose: Purchase

Zip code of the property: 92620

Answer: No, they have to do the purchase as a non-owner or refinance the current as a non-owner then do the purchase as owner occupy.

On August 27, Governor Brown signed three significant legislative bills into law that may be of interest to REALTORS®. The full text of each law is available at www.leginfo.ca.gov.

Restricting New Degree Brokers: Under a C.A.R.-sponsored law that comes into effect on January 1, 2013, the education exemption to the experience requirement for applying for a new real estate broker’s license is more stringent. Under existing law, an applicant must, among other things, be actively engaged in the business of a real estate salesperson for at least two of the last five years. The applicant, however, may petition the DRE for an exemption from the experience requirement if he or she graduated from a four-year college or university with a specialization in real estate. Because “specialization in real estate” is broadly worded, the new law requires that, to satisfy this exemption from the experience requirement, a degree broker’s course of study must have included “a major or minor in real estate.” Both the existing and new law also allows an applicant to petition the DRE for another exemption from the experience requirement by demonstrating at least two years of general real estate experience. Source: AB 1718.

Maintaining Vacant REO Properties: An existing law requiring an owner of vacant residential property acquired through foreclosure to maintain the exterior of the property, was originally set to expire on January 1, 2013, but has now been extended indefinitely. To prevent blighted neighborhoods, this law allows a governmental entity to impose a fine up to $1,000 per day for any violation. Violations of this law include allowing excessive foliage growth that diminishes the value of surrounding properties, failing to take action against trespassers or squatters, failing to prevent mosquitoes from breeding in standing water, and other public nuisances. This new law, which is part of the California Homeowner Bill of Rights, also gives a buyer of residential property foreclosed after 2007 an opportunity to correct substandard conditions. Starting January 1, 2013, if that buyer has purchased and is in the process of diligently abating any building standard violations, an enforcement agency cannot commence any action or proceeding for nuisance abatement for at least 60 days after the buyer takes title to the property, unless a shorter period is deemed necessary to prevent an immediate threat to health and safety. Also commencing January 1, 2013, any mortgage lender who releases a lien from a property with a recorded notice of pendency of action must notify the enforcement agency that issued the order within 30 days of releasing the lien. Source: AB 2314.

Protecting Military Servicemembers From Foreclosure: Starting January 1, 2013, the existing California protection for a servicemember against foreclosure by a mortgage lender during the period of military service or within three months thereafter, has been extended to nine months thereafter. Exceptions apply to sales made by agreement or court order. This law applies to mortgage loans originated before a servicemember’s period of military service for which the servicemember is still obligated. The nine-month period mirrors the foreclosure protection under the federal Servicemembers Civil Relief Act. However, President Obama recently signed into law the federal Honoring America’s Veterans and Caring for Camp Lejeune Families Act which extends, from February 2, 2013 to December 31, 2014, the foreclosure protection to one year after the period of active duty. Source: AB 2475 and H.R. 1627.

Fannie Mae Modification

Fannie Mae Modification Fixed Interest Rate

4.625%

(As of January 1, 2012 through August 31, 2012)

4.25%

(As of September 1, 2012)

Servicers must employ the appropriate rate based on the effective date of the Fannie Mae non-HAMP modification. These rates are only for conventional loans. The modification may be adjusted based on market conditions. For further details, see the Servicing Notice.

Fannie Mae Modification is designed to help those borrowers who are ineligible for the Home Affordable Modification Program (HAMP), or who defaulted on a HAMP modification or under certain circumstances, a non-HAMP modification, by changing the terms of their mortgage loans to make them more affordable.

0.5% down for 580+ fico – 43% Max Debt Ratio
3.5% down for 580+ fico – 57% Max Debt Ratio
10% down for 500 – 579 fico – 43% Max Debt Ratio
500 Minimum FICO score
Disputed Accounts must be resolved
Collections over $1,000 need to be paid off
No Bk in the last 2 years
No Short Sale In the last 3 years
No forclosure in the last 3 years
SFR, PUD, Condo, 2 Units
Owner Occupied Only

2. CHADAP FHA Loan Program:
640 Minimum Fico Required
3% towards closing costs/pre-paid expense
Up to 47% Maximum DTI Ratio
No 2nd Mortgage Payment
DPA is Forgiven as long as they don’t refinance or sell in the first 9 years
CHDAP admin fee is $350
No min. down payment required from borrowers funds (.5% can gifted funds)
Must meet county income limits (ex. LA County income limit is $102,480 for 1-2 people in household or $119,560 for 3-4 people in household)

3. PLATINUM FHA Loan Program:
620 Minimum Fico Required
3% towards closing costs/pre-paid expense
Up to 50% DTI
4.5% rate (no buy down available)
No 2nd mortgage payment
DPA is forgiven as long as they don’t refinance or sell in the first 9 years
No non-occupant co-borrowers allowed
No min. down payment required from borrowers funds (.5% can be gifted funds)
Must meet county income limits (ex. LA County income limit is $85,680 combined household income)

NOTES:
It is easier for them to retrieve the FTHB Certificate online at www.mgichome.com (save time and it is free).